Egyptian- American negotiations to ensure financial aids

Sources close to the Egyptian government said yesterday that an Egyptian delegation headed for Washington to make negotiations with the US concerning a financial deal that will help Cairo to avoid the implications of the war against Iraq.

The sources said that the delegation is headed by the Egyptian minister of state for foreign affairs Mrs. Faeyza Abu al-Naja.

The Egyptian officials had announced that the war will be cause the Egyptians losses estimated between 6- 8 billion dollars because of the recession in tourism revenues.

Experts expected a tremendous decrease in the number of tourists. A matter which, by itself will be conducive to affecting various sectors especially transport. The war will also result in increased pressure on the Egyptian pound which had lost earlier 20% of its value against the US dollar since the decision of the floating its price in January this year.